KIRKLAND LAKE, ON, Nov. 12 /CNW/ - RJK Explorations Ltd. (RJX.A)
announces that the Company has entered into an option agreement with a private
company, Atomic Uranium Inc., on the Company's "On Strike South Claim Group"
in the East Bancroft area, Southeastern, Ontario.
Atomic Uranium Inc. will make an initial $15,000 cash payment, incur up
to $500,000 in exploration expenditures and issue up to 150,000 shares of
Atomic over a three year period to earn 60%. RJK Explorations Ltd. will retain
a 1.5% NSR subject to a buyback by Atomic of up to 1% with payments of up to
Atomic Uranium Inc. has already conducted an airborne survey of the On
Strike North Claim Group and has informed RJK that after data interpretation,
20 discrete radiometric anomalies with enhanced uranium content were detected
with 7 compact radiometric anomalies being regarded as high-priority targets.
Atomic has had a qualified person on the On Strike North Claim Group
conducting some ground reconnaissance.
Atomic also informed RJK that an airborne survey of the newly optioned On
Strike South Claim Group is being arranged to be flown within the next four
weeks. Atomic Uranium Inc. is currently in the process of having a 43-101
report prepared for the On Strike North & South Uranium Claim Groups.
About RJK Explorations Ltd.
RJK Explorations Ltd. is a publicly traded junior exploration company
with gold, uranium and base-metal properties. The company is taking an
aggressive hands-on approach to its current portfolio of projects as well as
acquiring additional exploration projects when the capital and opportunity
Forward Looking Statements: This news release contains certain
forward-looking statements. These forward-looking statements are subject to a
variety of risks and uncertainties beyond RJK's ability to control or predict
which could cause actual events or results to differ materially from those
anticipated in such forward-looking statements. Although RJK believes that the
assumptions inherent in the forward-looking statements are reasonable, undue
reliance should not be placed on these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept the
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Glenn Kasner, President, Telephone: (705)
567-5351, Fax: (705) 567-5557, Mobile: (705) 568-7567, E-Mail:
email@example.com, Web Site: http://www.rjkexplorations.com